Tag: NFIP

National Flood Insurance Program may be helping preparedness for the impact of climate change

flood insurance

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…

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Hurricane Sandy beats Katrina in claims

Hurricane Sandy Flood Insurance New York Storm

Hurricane Sandy generating more claims than Hurricane Katrina Hurricane Sandy may be little more than a bad memory for some, but the insurance industry is still reeling from the impact of the storm. The storm struck eastern states very hard, generating massive storm surges that caused widespread floods in New York and its neighboring states. Hurricane Sandy generated thousands upon thousands of flood insurance claims. The National Flood Insurance Program is reporting that it has received more claims than it had seen from 2005’s Hurricane Katrina. Sandy shows more in…

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Flood insurance program bailout in front of Congress soon

Flood Insurance and reinsurance

As the claims from Sandy continue pouring in, the troubled federal program is about to face important decisions. The National Flood Insurance Program, the only federal coverage against flooding in the United States, will face an estimated additional $6 to $12 billion in claims as a result of Hurricane Sandy, said the Federal Emergency Management Agency (FEMA). The program can only borrow $2.9 billion more, after racking up an $18 billion debt from Katrina in 2005. Flood insurance news reports from the deputy associate administrator for federal insurance at FEMA,…

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National Flood Insurance Program may be ready for a bailout

Dan
UK Flood Insurance

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

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National Flood Insurance Program may not withstand assault from Hurricane Sandy

S.Vagus
Flood Insurance

National Flood Insurance Program braces for massive impact from claims Hurricane Sandy has brought many issues to light in the U.S., especially those concerning climate change and the country’s energy grid. Amidst the turmoil the storm has caused, federal officials have begun evaluating ways to improve the country’s defenses against natural disasters. At its peak, Hurricane Sandy was a Category 2 storm, but dwindles to a Category 1 and tropical storm status by the time it reached the northeastern states. Despite the storm’s weakening presence, it still managed to produce…

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